Mr. David Ellis reports

RICHMOND MINERALS TO CONSOLIDATE COMMON SHARES ON A 5 FOR 1 BASIS

Richmond Minerals Inc. intends to file articles of amendment to consolidate its existing issued and outstanding common shares on the basis one postconsolidated common share for five preconsolidation common shares.

The company currently has 141,797,501 common shares issued and outstanding. Following the consolidation, the company will have 28,358,880 common shares issued and outstanding. No fractional shares will be issued under the consolidation and each fractional share will be rounded down to the nearest whole number, without any consideration payable therefor. Each shareholder's percentage ownership in the company and proportional voting power will remain unchanged, except for minor adjustments resulting from the treatment of fractional shares.

The Cusip number for the postconsolidation common shares is 765187 30 7 and the new ISIN is CA 765187 30 7 6. The company's name will not change.

Franz Kozich, the chief executive officer of the company, states, "In discussions with existing and prospective stakeholders, we believe that optimizing our share structure will help us appeal to a broader audience of investors and deliver long-term value to shareholders."

The common shares will commence trading on the TSX Venture Exchange on a postconsolidation basis, effective at the market opening on Oct. 5, 2023. The consolidation is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Shareholder approval for the consolidation was obtained on Sept. 25, 2023, at the company's most recent annual general and special meeting of shareholders.

The exercise or conversion price and the number of common shares issuable under the company's outstanding stock options will be proportionately adjusted upon completion of the consolidation. A letter of transmittal will be sent to registered shareholders.

About Richmond Minerals Inc.

Richmond Minerals is a mineral exploration company listed on the TSX Venture Exchange, which has been actively engaged since the early 1980s in exploration projects located in Ontario and Austria.

We seek Safe Harbor.